DBRS Confirms Ratings on U.S. ABS Transactions

DBRS, Inc. (DBRS) has today conducted a review of two publicly rated U.S. structured finance asset-backed securities with two outstanding publicly rated classes. The two publicly rated classes reviewed were confirmed as credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels.

The following public transactions were reviewed:
-- BCC Funding VIII LLC, Equipment Contract Backed Notes, Series 2014-1
-- CIT Equipment Trust VFC Series CBK1

The DBRS ratings are based on DBRS’s review of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- The transaction parties’ capabilities with regard to origination, underwriting and servicing.
-- Credit quality of the collateral pool and historical performance.

The ratings on the Series 2014-1, Class A Notes from BCC Funding VIII LLC, Equipment Contract Backed Notes, Series 2014-1 reflect the 42.21% of current credit enhancement provided by subordination, the Reserve Account (4.87%) and overcollateralization (13.00%).

As of the April 2016 payment date, the 90+ delinquency ratio was 0.28%. The cumulative net loss ratio was 2.21% of the original collateral balance.

The assets securing the Senior Certificates in the CIT Equipment Trust VFC Series CBK1 transaction are a revolving pool of diversified small-ticket equipment-financing contracts. The committed revolving period of the facility expires in July 2017. Barclays Bank PLC serves as Administrative Agent.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is the DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

Please see attached appendix for additional information regarding sensitivity of assumptions used in the rating process.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.